Sen. Beau McCoy of Omaha has introduced a bill that would reduce those land valuations over a three-year period from 75 percent to 65 percent. Sen. Tom Hansen of North Platte has introduced a bill that would provide the same reductions over two years.

McCoy says it's difficult for producers to keep up with rapidly rising valuations.

Renee Fry, executive director of OpenSky Policy Institute, says schools would see a $68.2 million shortfall, and counties would lose $21.9 million if the bill was passed.